
What Crisis? Traverse City's Real Estate Market Continues Boom
Dec. 12, 2020
November real estate sales continued the trend of outstripping past years. Sales for four of the five counties served by the Traverse Area Association of Realtors increased in both the number of homes sold and the dollar volume. Overall, there were 350 homes sold for $136,638,838. That compares with last year’s previous high of 289 for $91,939,560. In November 2016, the five counties also combined for 289 sales, for a sales total of $72,474,381.
Grand Traverse County accounted for 182 of the sales last month, totaling $70,262,302, for an average sales price of $386,056. Leelanau and Antrim Counties both bested that average, reporting $563,985 and $389,073, respectively. Only Benzie County saw a drop; though its total of 26 homes sold lagged behind the November unit sales for the previous four years, Benzie’s average sale price of $313,122 topped all previous records, as its dollar volume for last month was $8,141,185.
The number of days a home is on the market also continues to drop, from 119 last year to 110 in November 2020. That number was largely reflective of the 182 homes sold in Grand Traverse County, which dropped from 109 in November 2019 to 79 last month. The only other county to show a drop was Benzie, which declined from 136 in November 2019 to 105 in November 2020.
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